Care homes have become an essential part of ones life with shrinking families and medical care requirements. If you are looking for adequate funding for long term care homes, there are numerous issues that need to be understood. The underlining cause of financial stress occurs whether you are planning it for your own self or for a close relative to get the best for the money. Spending yet protecting the financial assets is of prime importance. Thus it is best to get all the facts pertaining to funding and then taking a practical decision based on your current situation.
If you are in United Kingdom, it is important to pay for care home costs if you have an income above £23,000 which includes property, bonds and stock values. All individuals with income above these criteria would not be eligible to get funds from the local government for care home costs. However, the value of your home will not be calculated if you have an under-16 years child, spouse or disabled person still residing at home. However, you will need to check with your local authorities about the latest amendments and current regulations in respect of care homes financing.
If all your assets, except the value of your home are below £23,000, the local authorities will not take into account that factor for the initial 12 weeks or 4 months in permanent care facility. But after the initial period, you may be eligible for fixed contributions as a loan that will be repaid when you sell off your property. However, if all your assets are below £23,000 you will be eligible for a fixed contribution from the local authorities that will be given to the care facility. However, the amount is insufficient to provide for a luxury care unit as you may desire. But to be eligible to receive this fixed sum for care facility service, there is a format of assessment just to make sure that the person does require permanent residential care services.
But if there is another source of income from any investment or saving, the contribution of the local authorities towards care homes stipend will be reduced. Additionally, if the care facility that you choose has a higher cost that what is being provided by the local authorities, you need to bridge the gap. If you are planning your finances or budgeting for a close family member, it is best to know your long term goals and expenses. With numerous long term care facilities annuities available, you can start putting aside a specific amount just to have the peace of mind that when you are old, you will still be able to care for yourself. Select a specialist capital investment scheme that not only gives you enough when you grow infirm but may even pass along some of the invested capital to your beneficiaries.
It is best to check out the numerous options available for planning and investment or even select the best care facilities for yourself so you can plan accordingly. You need to carefully choose the companies that provide current funding options to meet your present requirements in case, you are looking to help a family member shift to permanent care facility.